S hares of Target Corp. slumped 10.5% in premarket trading Wednesday, after the discount retailer said it was replacing for Chief Executive Brian Cornell, who has been in charge for the past 11 years, with current Chief Operating Officer Michael Fiddelke, effective Feb. 1, 2026.

The big box retailer has struggled with slumping sales recently amid a backlash over its retreat from diversity, equity, and inclusion initiatives.

Target, which has about 1,980 US stores, has been the focus of consumer boycotts since late January when it scaled back corporate diversity, equity and inclusion initiatives.